Kenyan Sports Development Fund Achieves $320 Million In Sports Betting Revenues
The Kenyan governmental initiative Sports, Arts and Social Development Fund has reportedly generated Ksh48.2 billion (US$320 million) from sports betting operations over the past five years. The body established to support the national sports, arts, and social developments has reached the significant milestone of its operations as it introduces new reward schemes for athletes in Kenya to remain committed to sports promotions across the country.
As reported by Pulse Sports, Sports Cabinet Secretary Ababu Namwamba disclosed the figures achieved by the Sports, Arts and Social Development Fund. Namwamba reportedly said that the Fund distributed more than 86 percent of the total sports betting revenues generated from 2018 to date across the country’s sports, arts, and social development sectors.
Fund Allocations:
According to the source, the major contribution was made to the sports sector. With the share of 65 percent of the total assets allocated under the program, the sports sector has been the prime beneficiary to invest the disbursements in the national athletic talents and sports infrastructure. Social development sector reportedly follows with 30 percent, while the Arts and Culture sector has had 5 percent of the Ksh41.7 billion (US$280 million) allocated by the Fund.
On 11 October 2023, the Senate reportedly stated: ‘‘In the last Financial Year, 2022/2023 the Fund realized revenues of Sh10.4 billion. The Oversight Board approved a generous disbursement of Sh7.9 billion to various sectors: Sh6.3 billion to the Sports Sector, Sh1.2 billion to the Social Development Sector, and Sh324 million to the Culture and the Arts Sector.”
Reward Scheme and Commitment to Sports:
As reported, a part of the revenues generated from sports betting will be used to reward the athletes making outstanding accomplishments on the world sports competitions. The government has therefore established a new cash reward of Ksh5 million (US$33,000) for the athletes breaking the world records, as Pulse Sports reports, with rewards having already been paid to athletes Faith Kipyegon and Kelvin Kiptum. Sports Cabinet Secretary reportedly commented: “The government has significantly raised rewards for medal winners to Ksh3, 2 and 1 million for gold, silver, and bronze, respectively.”
The government has also instituted other awards to Kenyan legendary and current athletes and runs a meticulous selection process for the national team. The Kenyan officials seem generally committed to fully support the Kenyan sport that made the country famous all around the world. The source reports that Namwamba pointed out the importance of full compliance with medical and regulatory requirements to maintain the reputation. Such a structural approach, coupled with the reward policy on sports developments reportedly show that Kenya is completely focused on premium sports achievements.
The Kenyan governmental initiative Sports, Arts and Social Development Fund has reportedly generated Ksh48.2 billion (US$320 million) from sports betting operations over the past five years. The body established to support the national sports, arts, and social developments has reached the significant milestone of its operations as it introduces new reward schemes for athletes in…